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WaMu Has Deal
To Buy Providian
For $6.45 Billion

By

Joseph T. HallinanStaff Reporter of THE WALL STREET JOURNAL

Updated June 7, 2005 12:01 a.m. ET

Seeking to plug a big hole in its consumer business, Washington Mutual Inc. agreed to buy credit-card company Providian Financial Corp. in a cash-and-stock deal valued at $6.45 billion, or about $18.71 a share.

The acquisition will turn WaMu into one of the nation's largest credit-card issuers at a time of heightened competition in the maturing business. After years of explosive growth that has put more than 900 million general-purpose cards in circulation, credit-card issuers are finding it difficult to add new customers....